Suspicious Whale Alert on This Altcoin: Analytics Firm Claims Manipulation Is Happening Right Now
According to analysts of the cryptocurrency analysis company Lookonchain, there is currently a manipulation in the SushiSwap (SUSHI) altcoin price.
At the time of writing this article, SUSHI seems to have gained approximately 20% in value in the last 24 hours.
According to analysts, some whales are manipulating the SUSHI price and aiming to make profits by opening long positions. According to Lookonchain analysts, a fresh whale collected SUSHI tokens from decentralized exchanges and deposited a large amount of USDC to decentralized derivative exchanges such as dYdX with many different addresses.
Analysts think that the suspicious whale opened a long position while increasing the price.
The whale with the short address 0xCCb6 purchased 900,514 SUSHI tokens at a price of $0.71 in the last hours, spending $640,000. Then, he deposited USDC to derivative exchanges such as dYdX with 90 different new wallets.
At the time of writing this article, SUSHI price is trading at $0.7695. SUSHI climbed to an all-time high of $23.38 in March 2021. The current price represents a 96% decline from the all-time high price level.
Graph showing the changes in SUSHI price during the day.
*This is not investment advice.
